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Bharti Airtel’s merger deal with Dialog Axiata in Sri Lanka gets regulatory approval 

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Dialog, Axiata Group, and Bharti Airtel have signed a Definitive Agreement to merge operations in Sri Lanka, aiming to deliver a superior experience to customers and improve returns to shareholders. Under this agreement, Dialog will acquire 100% of the issued shares in Airtel Lanka. In exchange, Dialog will issue ordinary voting shares to Bharti Airtel, amounting to 10.355% of the total issued shares of Dialog through a share swap. The transaction is subject to approval from Dialog’s shareholders and completion of specific conditions outlined in the Share Sale Agreement.

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has approved the proposed merger, emphasizing its commitment to advancing telecommunications services across the country. This consolidation is expected to yield economies of scale, reduce infrastructure duplication, and achieve synergies in technology and capital expenditure. It will lead to enhanced broadband connectivity, voice, and value-added services, along with cost savings and operational efficiencies.

Vivek Sood, Group CEO and Managing Director of Axiata Group Berhad, stated that the merger aligns with Axiata’s strategy of market consolidation and resilience, creating value for shareholders and achieving synergies. Dr. Hans Wijayasuriya, CEO Telecommunications Business and Group Executive Director of Axiata, emphasized that the merger will contribute to the growth and sustainability of Sri Lanka’s telecom sector, bringing new frontiers in customer experience and innovation.

Gopal Vittal, MD & CEO of Bharti Airtel Limited, expressed satisfaction with merging operations with Dialog, stating confidence that customers will continue to enjoy cutting-edge services on a seamless network. Supun Weerasinghe, Director/Group Chief Executive of Dialog Axiata PLC, welcomed the Airtel Lanka team to the Dialog family, emphasizing the commitment to delivering superior telecommunications services in Sri Lanka.

Ashish Chandra, Chief Executive Officer of Bharti Airtel Lanka (Private) Limited, highlighted the integration of Dialog and Airtel Lanka operations, anticipating new opportunities for innovation and growth to benefit consumers.

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PickMe founder Jiffry Zulfer is expected to be appointed to the ICTA board

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PickMe founder Jiffry Zulfer is expected to be appointed to the ICTA board. To support the government’s agenda to expand the ICT-based economy, new board members will be appointed to the ICTA. This move is anticipated to positively impact the industry.

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Port City Colombo attracts 100+ companies as Authorised Persons

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Port City Colombo has achieved a significant milestone, on-boarding 100+ companies as Authorised Persons (APs), as of 24 August 2024. These companies represent a diverse range of sectors identified to the Colombo Port City Special Economic Zone, including IT, finance, professional services, shipping, logistics, tourism, healthcare, real estate development, and global capability centres.

Among these APs, twenty-two companies have been designated as Businesses of Strategic Importance (BSI’s). The Colombo Port City Economic Commission (CPCEC) is currently reviewing the BSI status of other APs at present. Several companies are in the pipeline to register as APs, reflecting increased investor confidence in Port City Colombo. These achievements align with Port City Colombo’s vision to attract high-value foreign direct investments (FDI’s), whilst the diverse range of companies reflects the SEZ’s focus on service-oriented sectors.

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Sri Lanka cannabis investment plan gets interest from 30 investors

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A plan to cultivate and make and export value added products from cannabis has drawn 30 investors, State Minister for Investment Promotion, Dilum Amunugama said.

Sri Lanka has made a set of regulations for cannabis cultivation. 

“We have got about 30 applications and they are being processed by a committee,” Minister Amunugama said. 

” No one has come to the growing stage yet. But land allocation is being done.”

The committee is made up of officials that include representative of the Department of Ayurveda and the Board of Investment. 

Canabidiol, (CBD or cannabis oil), is one of the primary products of the industry which is used in medicinal and other applications.

“CBD extraction or oil extraction will be the minimum value addition. If they want to go beyond that for whatever the final product is that, they can also do that, within the dedicated zones.

The projects will be located within the Mirigama and Kandy Stage II zones.

CBD companies grow cannabis is sophisticated greenhouses. 

The firms have to deposit two million dollars withe Board of Investment. 

A levy will be charged on the export of products, Amunugama said. 

Source – Economynext

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